The price of Brent crude oil has dropped below $70 per barrel for the first time since December 2021, raising concerns about a global economic slowdown. This steep decline in oil prices is expected to put additional pressure on the Nigerian naira, which has recently depreciated to N1,600 per US dollar. EKO HOT BLOG gathered … Read more
The Central Bank of Nigeria (CBN) has authorised the sale of $20,000 to each Bureau De Change (BDC) operator at an exchange rate of N1,580 per dollar in an effort to increase forex liquidity and satisfy market demand. This was revealed in a statement signed by Dr. W.J. Kanya, Director of the Trade & Exchange … Read more
Billionaire businessman and Chairman of Geregu Power Plc, Femi Otedola, has praised President Bola Tinubu for his unwavering support of the $20 billion Dangote Refinery in Lagos, crediting the President’s backing as instrumental to the project’s success. EDITOR’S PICKS Police Arrest Man For Allegedly Killing Neighbour’s 4-Year-Old Daughter Misinformation Grinds Down Trust Between Govt, People … Read more
The Central Bank of Nigeria (CBN) has dismissed all executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of a comprehensive restructuring at the apex bank. The decision, approved on Friday by CBN Governor Olayemi Cardoso, is the latest in a series of significant personnel changes since he took … Read more
EKO HOT BLOG reports that President Bola Tinubu, during a meeting on Friday with former Commonwealth Secretary-General Emeka Anyaoku and other notable figures, expressed that his administration’s primary focus is on reviving Nigeria’s economy. Tinubu made it clear that his administration is not currently pursuing the drafting of a new Constitution. EDITOR’S PICKS ‘Demonstration Continues’ … Read more
Tinubu asks for patience and admits delays in addressing fuel subsidy impacts. President begs Nigerians to have faith in his ability President Bola Tinubu has urged Nigerians to exercise patience with his administration, assuring them that the country is on the brink of a new era. EKO HOT BLOG reports that President Bola Tinubu appealed to … Read more
Presidency Denounces New York Times’ Report, Says Tinubu Inherited Dead Economy. The government defends recent policy measures, such as ending the fuel subsidy and unifying exchange rates, as necessary steps to stabilize the economy and restore confidence. The Presidency highlights positive developments like trade surplus, foreign investment, and efforts to control inflation, particularly food prices, … Read more
CBN Governor Olayemi Cardoso suggests maintaining high interest rates to tackle inflation. Nigeria’s inflation rate stands at 33.2%, with food inflation even higher at 40%. Cardoso emphasizes the Monetary Policy Committee’s commitment to curbing inflation. EKO HOT BLOG reports that the Central Bank of Nigeria Governor, Olayemi Cardoso, has suggested that the institution will maintain high … Read more
EKO HOT BLOG reports that Former Bauchi State Governor Isa Yuguda has contradicted President Bola Tinubu’s previous statement regarding the elimination of fuel subsidy, asserting that the federal government continues to subsidize petroleum products. This revelation adds to the ongoing discussions surrounding the economic implications of subsidy removal in Nigeria. President Tinubu had announced the cessation … Read more
Eko Hot Blog reports that the presidential candidate of the Labour Party in the 2023 Nigerian general election, Mr. Peter Obi, has expressed dismay over the recent donation of 25,000 tonnes of wheat by Ukraine as emergency food assistance to 1.3 million vulnerable people in Nigeria’s northeastern region. While acknowledging Ukraine’s gesture as laudable, Obi … Read more
EKO HOT BLOG reports that President Bola Tinubu says his administration will not stop working tirelessly to revamp the nation’s economy and create viable opportunities for young people to meaningfully participate in an inclusive, labour-intensive economy where businesses can thrive. President Tinubu made the declaration at the State House in Marina, Lagos State, on Wednesday, during … Read more
Eko Hot Blog reports that former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has predicted that Nigeria will struggle economically in the next three to four years. Making this forecast in a post via his official X handle on Monday, Moghalu suggested that an adequate and reliable power supply is critical … Read more
EKO HOT BLOG reports that the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has been summoned by the House of Representatives regarding the decision to lift the forex ban on 43 items. Recall that the said items, including toothpicks, and cement, among others, were initially restricted from accessing forex in 2015. As … Read more
EKO HOT BLOG reports that the United States Government has disclosed that there is no quick and easy solution to Nigeria’s economic challenges. US Deputy Secretary of the Treasury, Wally Adeyemo, spoke at a forum in Lagos about Nigeria’s economic challenges. He noted that Nigeria lacks a macroeconomic framework to attract foreign direct investments in … Read more
Nigeria economy Tops 2021 Growth Forecasts on Crops Nigeria GDP grew 3.4% in 2021; central bank estimate +3.1% Oil production fell to 1.50 barrels per day in the fourth quarter EKO HOT BLOG reports that Nigeria’s economy recorded a higher Gross domestic product (GDP) growth forecast by the central bank and government in 2021 after … Read more
Atiku said, “That warning was a patriotic one, devoid of partisanship, and was meant as wake up call to prevent the nation from going into insolvency. Former Vice President and Presidential Candidate in the last 2019 general elections, Atiku Abubaka, has urged the Federal Government to ensure prudent management of the nation’s resources in order … Read more
President Muhammadu Buhari on Thursday decries the activities of illegal gold miners in the country, saying they are robbing the country of millions of dollars in revenue generation. Buhari voiced his displeasure at illegal mining activities when he hosted the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) who presented him with locally mined gold bars. … Read more